This is the next stop for oil prices

An oil pump in northern New Mexico.
Amygdala_Imagery | Getty Images

Oil's free fall could continue, with U.S. crude futures breaking $50 in the near future.

Technicians are watching the $52.31 per barrel level on West Texas Intermediate futures for August, the 50 percent retracement between the March 18 low of $42.03 per barrel and the May high of $62.58.

WTI closed Monday just above that level at $52.53, a one-day decline of 7.7 percent. It is down 11 percent month to date.